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IAT vs. PKW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAT vs. PKW

Last updated Jun 24, 2026

IAT (iShares U.S. Regional Banks ETF) and PKW (Invesco BuyBack Achievers™ ETF) are both exchange-traded funds - IAT is a Financials Equities fund tracking the Dow Jones U.S. Select Regional Banks Index, while PKW is a Mid Cap Value Equities fund tracking the NASDAQ US BuyBack Achievers Index. Both are passively managed. Over the past 10 years, IAT returned 9.74%/yr vs 13.54%/yr for PKW. A 0.75 correlation means they provide meaningful diversification when combined. IAT charges 0.42%/yr vs 0.62%/yr for PKW.

Performance

IAT vs. PKW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Regional Banks ETF (IAT) and Invesco BuyBack Achievers™ ETF (PKW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IAT achieves a 11.98% return, which is significantly higher than PKW's 3.81% return. Over the past 10 years, IAT has underperformed PKW with an annualized return of 9.74%, while PKW has yielded a comparatively higher 13.54% annualized return.

IAT

1D
1.65%
1M
7.24%
YTD
11.98%
6M
9.77%
1Y
31.31%
3Y*
27.52%
5Y*
4.34%
10Y*
9.74%

PKW

1D
0.23%
1M
2.07%
YTD
3.81%
6M
2.73%
1Y
16.22%
3Y*
18.43%
5Y*
10.28%
10Y*
13.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAT vs. PKW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAT
iShares U.S. Regional Banks ETF		11.98%13.05%24.36%-8.53%-20.61%38.89%-7.60%31.38%-17.45%10.42%
PKW
Invesco BuyBack Achievers™ ETF		3.81%17.92%17.33%17.24%-10.21%32.62%8.41%34.09%-10.53%17.75%

Correlation

The correlation between IAT and PKW is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.75

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.79

Correlation (10Y)
Calculated over the trailing 10-year period

0.78

Correlation (All Time)
Calculated using the full available price history since Dec 20, 2006

0.75

The correlation between IAT and PKW has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

IAT vs. PKW - Sectors Allocation Comparison

Sectors
IAT
PKW

Financial Services

100.0%
28.4%

Basic Materials

-

1.0%

Communication Services

-

4.1%

Consumer Cyclical

-

19.0%

Consumer Defensive

-

3.2%

Energy

-

5.4%

Healthcare

-

10.2%

Industrials

-

14.0%

Real Estate

-

0.3%

Technology

-

12.3%

Utilities

-

2.2%

Financial Services

IAT
100.0%
PKW
28.4%

Basic Materials

IAT

-

PKW
1.0%

Communication Services

IAT

-

PKW
4.1%

Consumer Cyclical

IAT

-

PKW
19.0%

Consumer Defensive

IAT

-

PKW
3.2%

Energy

IAT

-

PKW
5.4%

Healthcare

IAT

-

PKW
10.2%

Industrials

IAT

-

PKW
14.0%

Real Estate

IAT

-

PKW
0.3%

Technology

IAT

-

PKW
12.3%

Utilities

IAT

-

PKW
2.2%

Compare stocks, funds, or ETFs

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iShares U.S. Regional Banks ETF

Invesco BuyBack Achievers™ ETF

Often compared with IAT:
IAT vs. KREIAT vs. KCEIAT vs. MTBIAT vs. XLFIAT vs. JPMIAT vs. SPYIAT vs. SWPPX
Often compared with PKW:
PKW vs. SPYPKW vs. DIVBPKW vs. VOOPKW vs. PBWPKW vs. SYLDPKW vs. QQQPKW vs. SCHD

Return for Risk

IAT vs. PKW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAT
IAT Risk / Return Rank: 3939
Overall Rank
IAT Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
IAT Sortino Ratio Rank: 4141
Sortino Ratio Rank
IAT Omega Ratio Rank: 4242
Omega Ratio Rank
IAT Calmar Ratio Rank: 3838
Calmar Ratio Rank
IAT Martin Ratio Rank: 3333
Martin Ratio Rank
PKW
PKW Risk / Return Rank: 3838
Overall Rank
PKW Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
PKW Sortino Ratio Rank: 3636
Sortino Ratio Rank
PKW Omega Ratio Rank: 3333
Omega Ratio Rank
PKW Calmar Ratio Rank: 4343
Calmar Ratio Rank
PKW Martin Ratio Rank: 4242
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IAT vs. PKW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) and Invesco BuyBack Achievers™ ETF (PKW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

IATPKWDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.23

+0.21

Sortino ratioReturn per unit of downside risk
1.97
1.83

+0.14

Omega ratioGain probability vs. loss probability

1.26

1.21

+0.05

Calmar ratioReturn relative to maximum drawdown

1.80

2.07

-0.28

Martin ratioReturn relative to average drawdown

4.57

6.50

-1.93

IAT vs. PKW - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.43, which is comparable to the PKW Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of IAT and PKW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IAT vs. PKW - Drawdown Comparison

The maximum IAT drawdown since its inception was -77.22%, which is greater than PKW's maximum drawdown of -54.59%. Use the drawdown chart below to compare losses from any high point for IAT and PKW.

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Drawdown Indicators

IATPKWDifference

Max Drawdown

Largest peak-to-trough decline

-77.22%

-54.59%

-22.63%

Max Drawdown (1Y)

Largest decline over 1 year

-17.49%

-7.86%

-9.63%

Max Drawdown (3Y)

Largest decline over 3 years

-29.29%

-20.91%

-8.38%

Max Drawdown (5Y)

Largest decline over 5 years

-55.55%

-23.51%

-32.04%

Max Drawdown (10Y)

Largest decline over 10 years

-55.55%

-40.93%

-14.62%

Current Drawdown

Current decline from peak

-1.69%

-0.87%

-0.82%

Average Drawdown

Average peak-to-trough decline

-26.91%

-7.94%

-18.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.87%

2.50%

+4.37%

Volatility

IAT vs. PKW - Volatility Comparison

iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 6.82% compared to Invesco BuyBack Achievers™ ETF (PKW) at 3.39%. This indicates that IAT's price experiences larger fluctuations and is considered to be riskier than PKW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IATPKWDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.82%

3.39%

+3.43%

Volatility (6M)

Calculated over the trailing 6-month period

16.15%

9.69%

+6.46%

Volatility (1Y)

Calculated over the trailing 1-year period

22.02%

13.29%

+8.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.96%

17.43%

+11.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.73%

19.75%

+10.98%

IAT vs. PKW - Expense Ratio Comparison

IAT has a 0.42% expense ratio, which is lower than PKW's 0.62% expense ratio.

Dividends

IAT vs. PKW - Dividend Comparison

IAT's dividend yield for the trailing twelve months is around 2.65%, more than PKW's 0.81% yield.

PositionTTM20252024202320222021202020192018201720162015
IAT
iShares U.S. Regional Banks ETF		2.65%2.94%2.95%3.56%3.12%1.88%2.87%2.49%2.48%1.55%1.52%1.78%
PKW
Invesco BuyBack Achievers™ ETF		0.81%0.99%0.86%1.17%1.22%0.72%1.48%1.30%1.30%0.65%1.59%1.14%

Frequently Asked Questions

IAT and PKW have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IAT has higher volatility (6.82%) compared to PKW (3.39%). In terms of maximum drawdown, IAT dropped -77.22% vs PKW's -54.59%.

On 10-year performance, PKW leads with 13.54% vs 9.74% for IAT. On fees, IAT is cheaper at 0.42% per year. On volatility, PKW has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PKW has performed better with a 13.54% return vs 9.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IAT is cheaper with a 0.42% expense ratio, compared with 0.62% for PKW.

IAT has the higher dividend yield at 2.65%, compared with 0.81% for PKW.

IAT is categorized as Financials Equities, while PKW is Mid Cap Value Equities. IAT tracks Dow Jones U.S. Select Regional Banks Index, while PKW tracks NASDAQ US BuyBack Achievers Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.42% for IAT and 0.62% for PKW.

IAT currently has the higher Sharpe Ratio (1.43 vs 1.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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